3. A project requires an initial investment of $1,000,000 and generates annual income of $300,000 for the next 4 years with a salvage value of $200,000. At MARR of 10% determine if this is a good investment. Use MACRS with the depreciation life of 3 years. Effective tax rate is 40%. Use PW. 4. Solve problem 3, assuming that 50% of the initial investment is borrowed at an annual interest rate of 8% to be paid back in three equal installments